https://archive.opentheory.net/2012/04/what-rich-people-are-worrying-about/ Speculations on the Frontiers of Science and Culture Mon, 04 Feb 2013 06:58:53 +0000 hourly 1 https://wordpress.org/?v=7.0 https://archive.opentheory.net/2012/04/what-rich-people-are-worrying-about/#comment-1308 Sat, 14 Apr 2012 21:33:14 +0000 https://archive.opentheory.net/?p=716#comment-1308 Perhaps there is no better indication of the seriousness of the problems than the current behavior of central bankers. For decades I’ve borrowed substantial amounts of money to operate my business. I’ve sat across the desk from an older and very experienced banker and had many conversations about money and politics. Now, I’m not talking about the bankers who are out in front dealing with the customers. I’m talking about the banker who sits in the back office, and who makes the final decisions about who will and who is not likely to pay back money loaned out. If there is one thing I’m sure about, it is that these guys *hate* the idea of printing money. I think we can assume that today, there is no alternative to printing money other than going through another depression. We should think about this – that they are willing to print huge sums of new money, thereby devaluing any money currently held by them or owed to them. It would be funny if it wasn’t so serious.

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